The Rise and Fall of RTFKT: A Cautionary Tale in the NFT World

In the fast-paced realm of NFTs, where digital art can fetch millions and virtual fashion becomes a status symbol, few stories capture the highs and lows of the industry quite like RTFKT (pronounced “artifact”).

The Rise: Redefining NFT Culture

RTFKT burst onto the scene in 2020, riding the wave of NFT mania with a unique blend of luxury fashion, gaming aesthetics, and blockchain technology. Co-founded by Benoit Pagotto, Chris Le, and Steven Vasilev, the company set out to redefine the NFT landscape by offering more than just digital assets—it sold identity, exclusivity, and a vision of the future.

Their early releases were met with unprecedented success, with digital sneaker drops selling out in minutes and collaborations with renowned artists like Fewocious and Takashi Murakami capturing the attention of the NFT community.

The Nike Era: From Peak Power to Corporate Pressures

In a pivotal move, Nike acquired RTFKT in December 2021, signaling a major endorsement of digital fashion and NFTs. The partnership yielded innovative projects like Nike Cryptokicks and hardware wallet collaborations, propelling RTFKT to new heights.

However, as NFT markets cooled and corporate priorities shifted, tensions arose within the partnership. Nike’s pivot towards mainstream digital experiences sidelined RTFKT’s experimental spirit, leading to a decline in community trust and ultimately, the company’s downfall.

The Fall: Lessons Learned and Cultural Missteps

By mid-2022, cracks began to show as RTFKT struggled to maintain its momentum. Delays in key projects and cultural missteps, such as limited international shipping for physical products, eroded community trust and sent shockwaves through the NFT world.

Despite attempts to course-correct, RTFKT’s value plummeted, leading to its eventual shutdown in January 2025 as Nike realigned its focus back to physical products and away from the NFT ecosystem.

The Legacy: Reflections on RTFKT’s Impact

RTFKT’s journey serves as a cautionary tale in the NFT space, showcasing the potential for innovation and creativity alongside the pitfalls of rapid growth and corporate integration. While the company’s legacy lives on in the memories of its community, it also highlights the challenges of navigating a rapidly evolving industry.